Tag: Banking Law

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Swaps Complaints in the Financial Ombudsman Service Annual Review for 2012/2013

The Financial Ombudsman Service (FOS)  was set up under the Financial Services and Markets Act 2000 to resolve individual disputes between consumers and financial businesses. It has just published its…

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RBS v Highland Financial Partners: Culture of denial at RBS?

In a recent unanimous judgment of the Court of Appeal in the case of RBS v Highland Financial Partners [2013] EWCA Civ 328, it was held that RBS…

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The Times: Banks’ secretly settling swaps mis-selling cases

The Times Newspaper has been given inside information from a number of reputable sources that banks are striking secret settlement deals with small businesses over the mis-selling of interest…

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What is Sophistication in the FSA Swaps Mis-selling Scheme?

The Financial Services Authority’s announcement on the swaps mis-selling pilot reviews (31 January 2013) brought in a refinement of the 29 June 2012 announced test of sophistication. That test…

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FSA Findings on Banks’ Pilot Swaps Mis-selling Review

The FSA has today published a long-awaited press release setting out the findings of their ‘pilot scheme’ in relation to the mis-selling of complex interest rate derivatives to…

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Warren Buffett On Derivatives

The following are excerpts from the Berkshire Hathaway 2002 Annual Report. I view derivatives as time bombs, both for the parties that deal in them and the economic…